Kuwait positive ahead of FTSE entry; other markets mixed

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RIYADH (Reuters) – Kuwait’s stock market closed on a positive note on Thursday on expectations of passive fund inflows when it partly joins the FTSE Russell emerging market index on Monday, while other markets were mixed.

Kuwait’s blue chip index <.BKP> added 0.8 percent, trimming its earlier gains that reached 1.1 percent.

Telecom operator Zain <ZAIN.KW> rose 1.3 percent, Kuwait Finance House <KFH.KW> was up 2.4 percent and Boubyan Bank <BOUK.KW> 3.0 percent.

Kuwait will join the emerging market index in two 50 percent phases, on Sept. 24 and Dec. 24, and Kuwaiti stocks in the index can expect inflows of passive funds. Arqaam Capital estimates the inflows in the two phases combined at $1 billion.

In Saudi Arabia, the main index <.TASI> rose 0.5 percent, its third straight increase, backed by gains in blue chips.

Heavyweight al Rajhi Bank <1120.SE> and Petrochemical giant SABIC <2010.SE> jumped 1.7 percent and 2.5 percent respectively.

In Dubai, the index <.DFMGI> rose 0.9 percent with 26 advancing stocks and 6 decliners. Dubai Islamic Bank <DISB.DU> rose 1.5 percent and Emirates NBD <ENBD.DU> added 1.1 percent.

Abu Dhabi <.ADI> closed flat amid weak trading, while Qatar <.QSI> lost 0.4 percent.

Egypt’s stock market closed flat, following Wednesday’s 3.8 percent plunge to its lowest close this year as liquidity tightened.

SAUDI ARABIA

* The index <.TASI> gained 0.5 percent to 7,768 points.

DUBAI

* The index <.DFMGI> rose 0.9 percent to 2,764 points.

ABU DHABI

* The index <.ADI> was flat at 4,883 points.

QATAR

* The index <.QSI> lost 0.4 percent at 9,766 points.

KUWAIT

* The index <.BKP> rose 0.8 percent to 5,363 points.

OMAN

* The index <.MSI> rose 0.2 percent to 4,495 points.

BAHRAIN

* The index <.BAX> was flat at 1,340 points.

EGYPT

* The index <.EGX30> was flat at 14,083 points.

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